US stocks climbed Thursday to rebound after the major indexes suffered their worst daily sell-off in months.
The S&P 500 (^GSPC) popped about 1%. The Dow Jones Industrial Average (^DJI) rose 0.9%, while the teach-heavy Nasdaq Composite (^IXIC) gained more than 1.2% after both indexes had snapped nine-day win streaks.
Thursday brought a wave of economic data: The final reading of Gross Domestic Product for the third quarter showed the US economy grew 4.9% on annualized basis in the period, below the consensus estimate for 5.2% growth. Meanwhile, the latest data on initial jobless claims showed 205,000 people filed for unemployment insurance in the week ending Dec. 16. Economists had estimated 215,000 claims were filed.
In corporate news, Apple (AAPL) halted sales of some of its smartwatches in the US amid an ongoing patent dispute. The stock was down just 0.1% Thursday.
Meanwhile, Micron Technology (MU) shares rose more than 8% after the memory chipmaker’s second quarter revenue forecast topped Wall Street’s expectations. The outlook signals a 2024 revival for the memory chip sector, which has suffered a significant slump in prices.
